Tax Strategy

Tax Strategy

Introduction

This tax strategy applies to Kuoni Travel Investments Ltd. (“Company”), and its affiliates* (together, the “JTB Europe Group”). This tax strategy intends to inform you about how the JTB Europe Group manages its tax position, as well as its relationship with the tax authorities and other relevant bodies.

The JTB Europe Group has a tax policy based on the following key areas.

  • Integrity in Compliance and Reporting
  • Controlling and managing tax risks
  • Business Partnering
  • Sustainable financial results focussing on the long term

 

Governance and tax risk management

The JTB Europe Group’s obligation is to pay the amount of tax legally due in any territory in accordance with rules set by governments. A proactive, rather than reactive, approach is used.

Due consideration is given to JTB Europe Group’s reputation, brand, corporate and social responsibilities when considering tax initiatives or taking tax positions. Compliance with all relevant legal disclosure and approval requirements is adopted and all information is clearly presented to the tax authorities or other relevant bodies, as appropriate. Openness, honesty and transparency is paramount in all dealings with the tax authorities and other relevant bodies.

The JTB Europe Group has clearly outlined the responsibilities and mandates of the different functions, including the local and regional heads of finance and the head of tax, together forming the tax function.

The tax function is involved in the planning, implementation and documentation for:

  • All business or share acquisitions and disposals
  • All changes in corporate/legal structure
  • All cross-border financing arrangements
  • All significant business transactions
  • All cross-border trading arrangements
  • All significant new processes affecting tax compliance

On all projects the required approvals and procedures detailed in the group’s finance manuals and internal regulations will be complied with.

There are procedures in place where the level of authorisation and decision making is dependent on risk assessments, taking both financial and reputational risks into consideration. The tax function aligns the tax obligations with the business operations as they change in order to provide sustainable financial results focussing on the long term.

The Tax Policy is approved by the Board of Directors, and is applicable from July 4th 2018, for the fiscal years 2018 and onwards.

This publication complies with Schedule 19 UK Finance Act 2016.

* including those domiciled in the UK